Houston fuel averages fall back to $2 a gallon

Published 8:12 am, Monday, July 17, 2017

The average price of gasoline in the Houston area has fallen to $2.09 a gallon, GasBuddy.com says.

The average price of gasoline in the Houston area has fallen to $2.09 a gallon, GasBuddy.com says.

Photo: Julio Cortez, STF

Houston fuel averages fall back to $2 a gallon

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Fuel prices for the Houston area dipped again, leaving the regional average right at $2.00 per gallon, slightly cheaper seasonally than almost historically low prices of a year ago.

The regional average fell by just 1 cent from last week, while the national average declined by 1.7 cents down to $2.24 per gallon of regular unleaded gasoline, according to GasBuddy, which tracks U.S. fuel pricing and refining activity.

Fuel prices were expected to be higher this year compared to last, but lower-than-anticipated crude oil prices have brought gasoline prices down from this year's highs in April.

The global glut of oil, including rising U.S. production levels, has kept the industry from rebounding too much since a two-year oil bust that began in late 2014. As such, observers are looking to the Organization of the Petroleum Exporting Countries to see if any new production caps will be implemented.

"The bigger issue we're now looking at that could affect gasoline prices are a last-minute special meeting OPEC will be holding on July 27," said GasBuddy senior petroleum analyst Patrick DeHaan. "It remains a bit of a mystery what, if anything, they may decide, but all eyes will be focused on any policy changes or production changes."

Houston-area average prices of $2 a gallon are 2.5 cents a gallon cheaper than a year ago during this time in July.